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Loans changed for foreclosures

Have you suffered an asset foreclosure action and now you need a loan changed? So, follow this guide and discover the product dedicated to your needs. Today, different types of financing are possible that, until recently, were not present on the credit and banking market: among the subjects that have suffered a foreclosure or a protest, there are different segments of credit customers, these are employees private and public, pensioners or VAT holders.

The loan to foreclosed subjects is a very special loan, which has experienced unprecedented development in the very last times of economic crisis. In this case, we speak of a “niche product”: the loan for foreclosed persons it can also be found online and falls into the larger category of personal loans.

We are talking about very peculiar cases, given that many people have previously had problems of protest and foreclosure, in recent times due to the economic recession and the greater probability of losing their jobs.

Loans to foreclosed subjects: peculiar characteristics

Loans to foreclosed subjects: peculiar characteristics

The economic conditions on a planetary level have meant that many people have been, since 2009 to today, in great employment difficulties and, therefore, the number of foreclosure actions has increased and grown exponentially.

Faced with these renewed conditions and a changed demand from this catchment area, the supply of loans by banks and financial institutions also had to adapt with the inevitable consequence that the demand for loans changed has grown considerably.

Why do we talk about promissory notes? Because the foreign exchange security is a debt security, a payment instrument and an enforceable title (if regularly signed and stamped) which acts as a guarantee for the creditor, in the event that the debtor, underwriter of the loan, is insolvent.

Loans with promissory notes for foreclosed subjects: protection of the creditor’s rights

Loans with promissory notes for foreclosed subjects: protection of the creditor

Even for all those who have had problems of punctual fulfillment of the loan in past years or in the present and who have an executive procedure that is linked to the current foreclosure, today, it is possible to give them “partial” access to the credit market.

Loans to foreclosed persons are a type of personal loan aimed at satisfying the financial needs of civil servants, pensioners, state workers and private sector workers. In any case, the creditor tries to retaliate against the defaulting debtor, foreclosing an asset or part of its assets, to try to satisfy itself on the credit disbursed by the same. All this leads to a judicial auction to sell the property (houses, land, movable property) subject to foreclosure to obtain the maximum from the liquidation.

Consequences for insolvents

Consequences for insolvents

For those who find themselves in a situation of this kind, however, both when they are subjected to a foreclosure, they are automatically registered in the registers of foreclosed persons (or protested or bad payers) and reported as such by the databases.

For this reason, when assessing the creditworthiness of a person reported as such, it becomes almost impossible to access the credit market by addressing the request to banks and financial companies, if not following the release of certain guarantees. Guarantees that are intrinsic in the currency of exchange, a credit that gives the creditor the opportunity to protect himself against a default or insolvency of the seized subject.

Economic conditions

Economic conditions

Compared to the opening of a “canonical” personal loan, the loan assisted by a currency guarantee has more expensive costs and economic conditions than the average credit market. As an example we see a prospect of a loan loan, whose financial capital disbursed is 20,000 USD with a repayment plan duration of 36 months and, under the same conditions, of an unsecured personal loan.

Example prospectus: personal loan not exchanged

stallment $ 595.03 (monthly)
R 6.09%
ount disbursed $ 19,580.00
ount Financed $ 20,000.00
xed TAN 4.51%
tal to be refunded $ 21,421.00
itial expenses Inquiry: $ 420.00
xes: $ 0.00
riodic expenses Monthly: $ 0.00 – Annual: $ 0.00
 

ample prospectus: loan to protested parties with issue of bills

stallment $ 649.29 (monthly)
R 8.39%
ount disbursed $ 20,000.00
ount Financed $ 20,720.00
xed TAN 8,00%
tal to be refunded $ 23,400.02
itial expenses Preliminary investigation: $ 0.00
xes: $ 16.00
riodic expenses Monthly: $ 0.00 – Annual: $ 3.20
 

 

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